We address whether analysts bias earnings forecast revisions and convey the bias using forecast revision consistency, i ….e., the extent to which analyst reports with earnings forecast revisions include stock recommendation and target price … revisions consistent in sign with the earnings forecast revisions, the sign of which is the sign of earnings forecast revision …

the risk channel as the analysts' disagreement is associated with earnings uncertainty. The stock price will be discounted …

' earnings forecasts. We show that measures of prior consensus and individual analyst forecast pessimism are predictive of both … with a relatively high probability of forecast pessimism experience significantly higher announcement returns than those … difficulty investors have in identifying differences in expected forecast pessimism. Overall, we conclude that market prices do …

forecasts. Yet bias does not necessarily invalidate a forecast, nor does it impinge on its relative quality. We find that …

forecast when actual earnings exceed the consensus and the most pessimistic forecast when the consensus exceeds actual earnings …

reflect the predictable component of analyst forecast errors. This evidence conflicts with conclusions in prior research … characteristic and analyst forecasts predicts future analyst forecast errors, forecast revisions, and changes in buy …/sell recommendations. I document abnormal returns to a strategy that sorts firms based on predicted forecast errors, consistent with …

assessment is relative to extrapolative time-series models of earnings forecasts. The paper's results show that the forecast … on extrapolative models' forecast errors is stronger than on analysts'. This finding is consistent with analysts' better … ability relative to extrapolative models to forecast the earnings of intangible firms, and with analysts' ability to process …

controls for the forecast error throughout the quarter. Results show that during high macro uncertainty periods, the market … earnings forecasts when the economy is unforecastable. Our study uses a novel measure of macroeconomic (macro) uncertainty from … during low macro uncertainty periods. We also report a lower likelihood of managing earnings to beat analyst earnings …